# Episode 32: Nvidia and the AI Raging Bull

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2023-09-05
- Length: 45m
- Episode: 34
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull
- Listen: https://share.transistor.fm/s/aed195cd

## Summary

Ben Bajarin and Jay Goldberg analyze Nvidia's recent earnings, noting that the company crushed expectations and raised guidance due to unprecedented demand for AI infrastructure. They debate whether Nvidia's dominance in training and inference will persist, discussing the shift from general-purpose to accelerated compute and the critical role of the CUDA software ecosystem in creating high switching costs. The hosts conclude that while there is hype around peripheral AI stocks, Nvidia remains the central beneficiary of a multi-year hardware buildout cycle, with future value potentially shifting to software applications.

## Chapters

- [0:15](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=15) Introduction: Nvidia Earnings and Unprecedented Demand
- [1:47](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=107) Inference, Hyper-scalers, and Supply Constraints
- [6:11](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=371) Data Center Refresh and the $100 Billion Market
- [10:18](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=618) Shortcase Noise and Stock Volatility
- [12:39](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=759) Cisco and Qualcomm Comparisons: Infrastructure Buildout
- [14:57](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=897) RISC vs. CISC and Probabilistic Compute
- [19:25](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=1165) GPU vs. CPU Workloads and Developer Ecosystems
- [23:48](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=1428) Nvidia's Software Stack: CUDA, Omniverse, and DGX
- [27:18](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=1638) Three Future Scenarios for Nvidia's Dominance
- [32:18](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=1938) Transformer Efficiency and Hyper-scaler Responses
- [37:07](https://hardwarepodcasts.com/podcast/the-circuit/2023-09-05-episode-32-nvidia-and-the-ai-raging-bull#t=2227) AI Bubble vs. Infrastructure Cycle and Valuation

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Connected products & IoT](https://hardwarepodcasts.com/topic/connected-products-and-iot)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)

## Most relevant to

large enterprises

## Mentioned

- Nvidia (company)
- Jensen Huang (other)
- Stacy Rasgon (other)
- H100 (product)
- A100 (product)
- Grace Hopper (product)
- CUDA (other)
- Omniverse (product)
- DGX (product)
- Cisco (company)
- Qualcomm (company)
- AMD (company)
- Intel (company)
- Google (company)
- TPUs (product)
- Amazon (company)
- Cranium (product)
- Inferentia (product)
- Microsoft (company)
- Facebook (company)

## Related episodes from other shows

- [Can the Nvidia Monopoly on AI Chips Be Broken?](https://hardwarepodcasts.com/podcast/ee-times-current/2026-03-16-can-the-nvidia-monopoly-on-ai-chips-be-broken) (EE Times Current)
- [Google TPU vs Nvidia GPUs: Token Per Watt Dominance, or the Era of Scaling Is Over?](https://hardwarepodcasts.com/podcast/built-2-scale/2025-11-26-google-tpu-vs-nvidia-gpus-token-per-watt-dominance-or-the-era-of-scaling-is-over) (Built 2 Scale)
- [NVIDIA: Jensen Huang. From near collapse to becoming the world’s biggest company](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-05-18-nvidia-jensen-huang-from-near-collapse-to-becoming-the-worlds-biggest-company) (How I Built This)
- [Ep. 29 | NVIDIA CTO Michael Kagan on the New Age of AI and Supercomputers](https://hardwarepodcasts.com/podcast/moores-lobby/2021-09-07-ep-29-nvidia-cto-michael-kagan-on-the-new-age-of-ai-and-supercomputers) (Moore's Lobby)
- [NVIDIA's Trojan horse, Yann LeCun Timebomb, 8 Sleep Mega Raise and the Physical AI Boom](https://hardwarepodcasts.com/podcast/built-2-scale/2025-08-22-nvidias-trojan-horse-yann-lecun-timebomb-8-sleep-mega-raise-and-the-physical-ai) (Built 2 Scale)

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